"India is the fourth biggest current market for us...it's growing very fast here and our ambition is to bring that to number three," the firm's VP Global Sales, Marketing and Channel Development Howard Lang told PTI.

Asked by when he expects India to be its third biggest market, he said, "At the growth rate which has been presented, we would see India probably number three by 2021."

The company, a JV between US-based Johnson Controls and Hitachi, Japan, looks at India as an important market, where it is the third most selling AC brand.

"India is a big market for us and we would continue to invest here in manufacturing, sales and marketing," the company's COO Shinichi Iizuka said.

Johnson Controls-Hitachi Air Conditioning India, which reported a turnover of Rs 1,971.58 crore in 2016-17, is expecting to double the figure to around Rs 4,000 crore by 2021-22.